Has anyone received a loan offer in 2023?

[Blackbear579]

I'm at 71% and usually see a offer by now (between 65%-70&).

[#2]

I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%.  All the other things are in the green.

I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions. 

[_Violet · Accepted solution]

Hi all 👋 @Blackbear579 @DD_2019 @Me2018_ @Swain - I just wanted to drop in to provide some context on Square Loan offers:

Square accounts—including accounts with an active loan—are reviewed for eligibility regularly. You don’t need to contact us or provide any additional information to become eligible for another loan offer. You can check your Square Dashboard (at any time for more information about your current eligibility status.

Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan. You can find additional details here in the Square Loan Eligibility FAQ support article.

If you have any additional questions about Square Loans, you'll need to get in touch with the Square Financial Services Team by logging into your Square account and heading here. The Financial Services Team's business hours are Monday - Friday, 10 AM to 7 PM CST.

I hope this information is helpful but please do let me know if you have any additional questions.

[sayra · Accepted solution]

Hello, @Fca. 

It's understandable that you're curious about the timeline for a new loan offer after being denied, especially given your previous experience. Every case and account is different, on this platform we do not have greater visibility regarding your account and loan qualifications. 

For Square Loan related questions and Loan availability or eligibility you will want to reach out to the Square Banking team. They are available at 855-700-6000 between 6 am - 6 pm Pacific Time Monday-Friday. Our designated team will be more than happy to help you further. 

In addition, we went ahead and merged your post to this existing thread where other Square Sellers have discussion their Square Loans. We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future. 

Thank you. 

[R2RUT]

Did you receive an offer

[Dawggos]

Anyone get new loan offers recently? I know square/block had a HUGE stake in crypto; wondering if that has affected anything like square loans. Paid off my 4th loan and all my qualifiers are marked as "GOOD" . 

[Doran]

I received an offer two weeks ago at 90%ish paid off and two of my friends that have different types of businesses received offers recently.  So I know the offers are out there.  My offer was half of what my last loan was that I took last year.  

Just a note all three of us do our checking/savings with Square now so not sure if that helps.  

[Twogirls1BUCKET]

I got my largest loan in June. 77-% paid off. So almost at 90%. Any other places like this that help small business was.  

[Escaper2022]

Did you receive an offer? We’re at 84% never waited this long.

[Beangirl]

Paid off my second loan in December 2022, both were paid off in advance by months and months and still nothing. Grossed over 230k last year and nothing. So frustrating. All my markers are good, blend of new and repeat customers, no chargebacks or disputes. Not sure why? Could really use it before our season is full swing this spring.

[CircleP20]

No rhyme or reason. Weve had 5 loans, paid them all off inside of 6 months each, all markers are green...Not sure how the calculate who qualifies or not....

[Beangirl]

Makes zero sense to me.seems like they would want the revenue and commitment to their platform considering there are literally dozens we could choose from? 

[ApplePeach]

One business got a loan at 85% last week, my second business just got a request at 65% this weekend. Both track similar in sales. Who knows? 

[Beangirl]

Has anyone found calling or using the chat feature has helped push it along??

[Sagmane]

It’s a waste of time. They have people who have no power telling you that computers make all the decisions and no humans can change the outcome! This is a strike against Square 

[Strictlylashy]

This has been happening to me as well. They must not have as much money as a bank bc so many people opened business’s since 2020. Probably handing it out left and right to newer business’s.  even though we have had our business’s prove themselves for years. It’s ridiculous. 

[Sagmane]

They should be loaded. They are getting back a substantial fee for offering the loan and they are getting paid back daily from tens of thousands of businesses 

[Rainstar]

Did you ever get a offer 

[912guy]

Mine was given last summer too, largest loan 33k...and now at 90 percent no new offer.... Kinda sucks..

[DD_2019]

I just got an offer within the last hour at 92% but my offer was way less than half of my last loan. 

[Strictlylashy]

Same!! Does anyone know why this is happening? I’m glad it’s not just me. 

[Rainstar]

Did you ever get a offer?

[Sagmane]

I just completed 90% paid and received a new offer almost half of last years amount. Apparently everything is done by algorithm and I’m a seasonal business so if my offer was evaluated during my slow time….it’s going to have a false calculation. 

[OceanHills]

I haven't received any new loan offers this year. I'm currently at 70% repayment. Usually I'd get a new offer between 60-70% percent. I've read in the forums that this (2023) year the offers are hitting a littler later in the percentage and without the massive increment we are use to. These loans have been so helpful, I really hope they don't slow them down, but I totally understand if they do with everything that happened recently in the tech sector. 😕 I'll keep this tread updated if anything changes on my end. Happy 2023 and continued success guys! 

[Dena19]

They offered me a new loan a day after I paid it off